Singapore’s Employment Pace Expected To Grow But at Slower Pace in Second Half 2005
27 June 2005
Singapore's Employment Pace Expected To Grow But at Slower Pace in Second Half 2005
Findings by Kelly Services' First Singapore Recruitment Index/Survey
SINGAPORE -- Kelly Services, the global provider of staffing services and solutions, today released its inaugural 2005 Singapore Recruitment Index showing that top organisations will continue to hire staff, although at a slower pace in the coming months.
The index, generated from a survey of the biggest employers in Singapore, showed that recruitment was strong in the first few months of 2005. However, human resource decision makers indicated that the momentum will ease off for the rest of 2005.
The Index shows that on average, 20% of all new hirings in the next few months will be driven by business expansion and new initiatives. The remaining 80% of hirings will be driven by staff replacement.
The 2005 Singapore Recruitment Index was a result of a survey of key human resource decision makers in the republic's largest 1,500 organisations, by employee size. There was an even spread of respondents across industries in Singapore.
About a third of the respondents were from the manufacturing sector, a further one-third from the trading and business services sector and about 20% from the financial services industry.
Dhirendra Shantilal, Vice President and Managing Director for Kelly Services in Asia, said: "Employee talent is becoming a crucial differentiator for Singapore's largest organisations and the survey illustrates the point of companies wanting to recruit the best talent. At the same time, they are also trying to retain this very precious resource."
In this 2005 survey, the businesses surveyed hired about 5,000 staff in the first few months to April to supplement their existing staff strength of about 88,000. Based on this analysis, the first Singapore Recruitment Index stood at 5.3.
Looking ahead, these organisations expect to hire a further 3,000 staff in the remaining months of 2005. However, the hiring pace will be less pronounced compared to the momentum in the first part of 2005, according to the survey results.
Some of the other findings in the survey include:
· The hospitality industry showed the highest level of recruitment in the first few months of 2005, more than twice the average of the overall Singapore Recruitment Index. Findings show that recruitment in this sector will continue to be more active than the other sectors.
· The financial services sector ranks second as a strong employment generator whilst the laggards are the construction and transport & storage sectors.
· Companies with between 300 and 500 employees showed the highest level of recruitment activity in the first few months of 2005. For the rest of 2005, recruitment drive will be strongest in companies with between 500 and 1,000 staff.
· Replacement of existing staff is a key driver for recruitment over the next few months for 65% of the companies surveyed. Business sentiment appears to be positive with almost half the respondents saying that expansion in new markets and other new initiatives will drive recruitment for the rest of 2005.
Kelly Services, Inc. is a US-headquartered Fortune 500 company that offers staffing solutions that include temporary staffing services, staff leasing, outsourcing, vendor on-site and full-time placement. Kelly owns and operates 2,600 offices in 27 countries.
In Asia, the company operates 30 offices across seven countries, with a significant presence in markets like Singapore, Malaysia and India. Some of its key service offerings in Asia include Kelly Banking & Finance, Kelly Contact Centre, Kelly Exhibition & Promotions, Kelly Hospitality, Kelly Industrial and Kelly IT Resources.
For more information,contact:
Messiah Lilani
Marketing Communications Specialist
Kelly Services Singapore Corporate Office
10 Anson Road, #30-13 International Plaza, Singapore 079903
DID: (65) 6325 2244 Fax: (65) 6221 5652
Email:messiah_lilani@kellyservices.com.sg